You have taken out a 60-month, $28,000 car loan with an APR of 5%, compounded monthly. The monthly payment on the loan is $528.40. Assume that right after you make your 50th payment, the balance of the loan is $5,164.90. How much of your next payment goes toward principal and how much goes toward interest? Compare this with the prinicipal and interest paid in the first month's payment. (Note: Be careful not to round any intermediate steps less than six decimal places.) QUE The amount that goes towards interest is $. (Round to the nearest cent.) The amount that goes towards the principal is $. (Round to the nearest cent.) Compare this with the prinicipal and interest paid in the first month's payment. (Select the best choice below.) OA. In the first month, the amount that goes towards principal is $411.73 and toward interest is $116.67. Therefore, you can see that over time, as you pay down the principal of the loan, less of your payment has to go to cover interest and more of your payment can go towards reducing the principal. OB. In the first month, the amount that goes towards principal is $411.73 and toward interest is $116.67. Therefore, you can see that over time, as you pay down the principal of the loan, more of your payment has to go to cover interest and less of your payment can go towards reducing the principal. OC. In the first month, the amount that goes towards principal is $116.67 and toward interest is $411.73. Therefore, you can see that over time, as you pay down the principal of the loan, more of your payment has to go to cover interest and less of your payment can go towards reducing the principal.

You have takien out a 60 -month, $26,000 car loan weh an APR of 5%, compounded monthly. The monttly payment on the loan is $526.40. Assume that right after you make your 50 th payment, the balance of the loan is $5,164. 90 . How much of your next payment goes toward princlpal and how much goes toward interest? Compare his wath the prinicpal and interest pald in the first mont's poyment. Nolec Be careht not to round any infermediale steps less than sir docirar places) The amount trat goes towards interest is 1 (Round to the nearest cent) The arnount that goes towards the prinopal is I (Round to the nearest cent) Compare this with the prinicipal and interest paid in ve fint month payment. (Select the best choice below) A. In the firt monex, the amount that goes towards prinopal is $411.73 and toward interest is $110.67. Therefore, you can see that over time. at you pay down the principa of the ioun, less of your payment has to go to cover interest and more of your payment can go towards reducing the principal. n. In the fint month, the amount that poes towards principa is $411.73 and loward inserest is $116.67. Therefore, you can see that over timie, as you poy down the principed of the loan, more of your poyment has to go to cover interent and less of your payenert can po towards reducing the prinopal rour payenent has to go to cover interest and less of your payment can go toeads roducing the principal